Renault Recalls Kangoo Model
French car manufacturer Renault has recalled 25,000 of its Kangoo cars, equipped with Kléber tyres, due to quality problems with the tyres. It is expected that Kléber will release further details shortly.
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Financial Markets Advise Care With Automotive Shares
Product NewsThere is unanimity amongst financial institutes that anyone with investments in automotive shares should be very careful of their investments. The coming quarter does not look too promising; BMW, Peugeot/Citroën, Porsche and Renault (particularly thanks to Nissan’s better than expected results), should hold their position, but there seems to be no end in sight to the decline at DaimlerChrysler.
Renault On The Expansion Trail
Product NewsRenault is negotiating with Samsung Motors, of South Korea, to buy the latter’s Pusan plant (production capacity 200,000) for Euro 400 million. Renault’s daughter company RVI, made an offer to Daewoo to buy its truck operation (production capacity 20,000) and bus operations (production capacity 6,000 units) for Euro 700 million. Renault has already bought a 37% stake in Nissan for around Euro 5 billion and the new plans will bring the company’s investment in Asia to more than Euro 6 bn.
Suppliers Put their Hopes in Nissan/Renault Joint Production
Product NewsThe Nissan factory in Barcelona is not working to capacity and is the obvious candidate for joint production work in similarly built Renault models, according to a statement at the Detroit Motor Show by Carlos Ghosn, ex-Michelin manager, now responsible for the integration of Nissan with Renault. Vehicle suppliers hope to profit from the new arrangements, as Ghosn announced a significant reduction in their numbers. For instance, Hayes Lemmerz supplies nearly all the aluminium wheels to Nissan Europe and is now making big strides with Renault as well.
Renault Sales 2.29 Million In 1999
Product NewsRenault car sales last year totalled 2.29 million; a 7.4% increase. The company also announced that, in the future, it will use Nissan’s production capacity outside Japan to produce and market Renault cars.
